ECON 2

Topics: Opportunity Cost, Perfectly Competitive Markets, Demand/Supply Curves, Demand/Supply Shifters, Market Equilibrium.

Topics: GDP: “per capita”, Income/Expenditure, Nominal vs Real, Deflator, Year Comparison.

Topics: Capital (Traditional vs Human), Production Function, Vicious vs Virtuous Cycle, Inward vs Outward Oriented policies, Brain Drain, Capital Dilution.

Topics: Cyclical vs Natural Rate of Unemployment, Efficiency Wage, Unemployment Rate, Structural Unemployment, Labor-Force Participation Rate, Minimum Wage and Unions.

Topics: Inflation and the Consumer Price Index (CPI)

Topics: Bonds vs Stocks, Private vs Public Saving, Loanable Funds, Budget Deficit, Interest (Simple/Compounding), Risk Averse, Adverse Selection, Moral Hazard, Efficient Market Hypothesis (EMH).

Topics: What is Money?, Types of Money, Federal Reserve System, Monetary Policy, Open Market Operations, T-Account.

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Topics: Quantity Theory of Money, Money Supply/Demand, Classical Dichotomy, Money Neutrality, Velocity of Money, Hyperinflation, “Inflation Tax," Fisher Effect, Costs of Inflation.

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Topics: Aggregate Demand, Aggregate Supply, Economic Fluctuation, The Wealth Effect, The Interest Rate Effect, The Exchange Rate Effect, Long Run Aggregate Supply (LRAS), Short Run Aggregate Supply (SRAS).